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About Us

A Zambia-headquartered investment firm built on 15 years of local knowledge, patient capital, and institutional discipline.

About Kukula Capital

Built to deliver long-term value in Zambia and the region

Kukula Capital is a Zambia-headquartered investment firm with regional reach, providing long-term capital and advisory support to businesses with the potential to grow, professionalise, and endure.

We partner closely with founders and management teams, combining patient capital with hands-on advisory expertise to help businesses navigate growth, strengthen governance, and build resilience. Our approach is grounded in local insight, disciplined investment principles, and a commitment to sustainable value creation.

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What Drives Us

Mission

To be the preferred investment and advisory partner for mid-market businesses and institutions operating in Zambia and across Sub-Saharan Africa — delivering disciplined capital, strategic expertise, and long-term value creation.

Vision

A dynamic, inclusive Zambian economy powered by deep, well-functioning capital markets — where businesses have access to the capital and expertise they need to grow, and investors can access a diverse range of opportunities.

Values

Integrity, accountability, and long-term thinking in everything we do. We align our interests with those of our partners and portfolio companies, and hold ourselves to the same standards of transparency and governance we expect from others.

Our Story

From Zambia's First SME Venture Fund to a Diversified Platform

Kukula Capital was founded in 2009 with the launch of Kukula Fund I, Zambia's first dedicated SME venture capital fund, established to mobilise growth capital for local enterprises and help shape the country's emerging private investment landscape. Building on this foundation, the firm subsequently launched Kukula Seed, a second investment vehicle focused on SME investments and early-stage growth opportunities.

Key Milestones

15 Years Building Zambia’s Capital Markets

From Zambia’s first dedicated SME venture capital fund to a diversified investment and advisory platform — a story of patient capital, partnership, and building lasting institutions.

2009
Kukula Capital founding team in first office, 2009
Founding

Kukula Capital is Founded

Kukula Capital is established in Zambia, laying the foundation for what would become the country's leading private investment and advisory firm.

2010
Kukula Capital 2010
First Fund

Launch of Kukula Fund I — Zambia's First Dedicated SME Venture Capital Fund

Kukula Fund I launches as Zambia's first dedicated SME venture capital fund. Capital is raised and initial investments are made, marking the beginning of Kukula's active deployment across the local market.

2011–15
Active Investment Period

Portfolio Expansion Across Multiple Sectors

An active investment period of sustained deployment, expanding the portfolio across multiple sectors of the Zambian economy and building the firm's execution and portfolio management capabilities.

2013
Kukula Capital 2013
Second Vehicle

Launch of Kukula Seed — SME-Focused Investment Vehicle

Kukula Seed is launched as a dedicated investment vehicle for SME investments and early-stage growth opportunities, operating alongside Kukula Fund I and deepening the firm's reach across the market.

2014
Kukula Capital 2014
First Kukula Seed Investment

BBM — Kukula Seed's First Portfolio Company

Kukula Seed makes its first investment into BBM (Betmar Building Materials), a Zambian building materials company. The investment marks the beginning of Kukula Seed's active deployment, demonstrating the firm's commitment to supporting Zambian SMEs at their earliest stages of growth.

2010–23
Deployment Milestone

Over USD 25 Million Deployed Across 15 Direct Investments

Through Kukula Fund I and Kukula Seed, the firm deploys over USD 25 million across 15 direct investments spanning a diverse range of sectors — combining capital with active strategic support to build portfolio company resilience and governance.

2017
Kukula Capital 2017
Platform Evolution

Strategic Build-Out of Advisory and Asset Management

Kukula undertakes a strategic build-out of its Advisory and Asset Management capabilities, broadening the firm's platform beyond direct fund investing and laying the groundwork for an integrated investment and advisory business.

2020–23
Portfolio Realisations

Structured Exits and Orderly Portfolio Realisations

Structured portfolio realisations and orderly exit processes are undertaken, returning capital to investors and demonstrating the maturity of the firm's investment lifecycle management.

Dec 2024
Kukula Fund I maturity, December 2024
Fund Lifecycle

Kukula Fund I Reaches Final Maturity

Kukula Fund I reaches final maturity and concludes its lifecycle — marking the successful completion of Zambia's first dedicated SME venture capital fund from launch through full realisation.

2025
Kukula Capital 2025
Capital Markets Milestone

Dot Com Zambia — Zambia's First AltM IPO

Kukula Capital advises on the IPO and inaugural listing of Dot Com Zambia on Zambia's Alternative Market (AltM) — acting as Transaction Advisor and Sponsoring Broker. A landmark capital markets transaction for the country.

Today
Present

A multi-service investment platform operating across Advisory, Asset Management, and Research & Consulting — rooted in Zambia, with growing regional reach.

The Team

The People Behind the Platform

Kukula's team combines institutional investment expertise with deep regional insight. We operate with integrity, analytical rigour, and a long-term perspective — ensuring that every mandate is approached with discipline and accountability.

Tue Nyboe Andersen — Managing Partner, Kukula Capital
Tue Nyboe Andersen
Managing Partner
MSc (Economics)

Managing Partner with over 15 years across private equity, capital markets, and investment advisory in Zambia and the region.

Tue co-founded Kukula Capital in 2009 and has led the firm's growth from a single venture capital fund to a diversified investment and advisory platform. He brings over 15 years of experience in private equity, capital markets, and investment advisory across Zambia and the region. Tue has been instrumental in building Kukula's advisory and asset management capabilities and has advised on some of Zambia's most significant private sector transactions.

Private EquityCapital MarketsM&A AdvisoryFund Management
Niels Bojsen — Partner, Kukula Capital
Niels Bojsen
Partner
BSc (International Business)

Partner with extensive experience in private equity, venture capital, SME growth, and fundraising across Zambia and the region.

Niels co-founded Kukula Capital and has been central to the firm's investment activities since inception. He has led fundraising for both Kukula Fund I and Kukula Seed, and brings deep expertise in private equity, venture capital, and SME growth across Zambia. Niels has a particular focus on entrepreneurship, business development, and building high-growth businesses across the region.

Venture CapitalSME GrowthFundraisingEntrepreneurship
Mphaso Banda — Partner, Kukula Capital
Mphaso Banda
Partner
BCom (Hons) Finance | FMVA

Zambian corporate finance professional, progressed from Analyst to Partner at Kukula since 2021. Wits Business School graduate.

Mphaso joined Kukula in 2021 as an Analyst and has progressed to Partner, reflecting his rapid growth and significant contribution to the firm's transaction and advisory work. A graduate of Wits Business School, he holds a BCom (Hons) in Finance and the FMVA designation. Mphaso leads on financial modelling, valuation, and due diligence across the firm's advisory mandates.

Financial ModellingValuationDue DiligenceCorporate Finance
Darryl Higgins — Partner, Kukula Capital
Darryl Higgins
Partner
BSc (Accounting & Finance)

Partner leading advisory and capital raising mandates, with prior experience at Kepler Cheuvreux, PRA Group, and Lloyds Banking Group.

Darryl brings significant international capital markets and corporate finance experience to Kukula, having worked at Kepler Cheuvreux in Oslo, PRA Group, and Lloyds Banking Group prior to joining the firm. He leads on advisory mandates, debt structuring, and capital raising.

Debt StructuringCapital RaisingCapital MarketsAdvisory
Faheemah Bhagoo — Associate, Kukula Capital
Faheemah Bhagoo
Associate
MSc (Management)

Associate supporting SME fundraising, investment readiness, and financial management. Prior experience at KPMG Zambia and Creditifix Mauritius.

Faheemah holds an MSc in Management and brings experience from KPMG Zambia and Creditifix in Mauritius. At Kukula, she supports SME fundraising, investment readiness programmes, and financial management across advisory mandates. She is particularly focused on the firm's research and consulting engagements, including the Zambia Investment Support Programme.

Investment ReadinessSME FinanceResearch
Gavin Kanyika — Senior Analyst, Kukula Capital
Gavin Kanyika
Senior Analyst
BCom (Economics)

Corporate finance professional with experience at Citi, FNB Zambia, and Flutterwave across transaction banking and fintech.

Gavin holds a BCom in Economics and brings experience from Citi, FNB Zambia, and Flutterwave, spanning transaction banking, corporate finance, and fintech. At Kukula, he supports the firm's advisory and research mandates with financial analysis, modelling, and market research. His exposure to both institutional finance and technology-led financial services gives him a broad perspective on Zambia's evolving financial landscape.

Financial AnalysisTransaction BankingFintech
Stephen Banda — Head: Accounts & Compliance, Kukula Capital
Stephen Banda
Head: Accounts & Compliance
MBA | ACCA

Head of Accounts & Compliance with over six years at Kukula. Prior Audit Manager at EMM Corporate Partners. SEC-certified Investment Advisor.

Stephen holds an MBA and ACCA qualification and has been with Kukula for over six years. He oversees the firm's financial reporting, compliance, and regulatory obligations, and is a SEC-certified Investment Advisor. Prior to Kukula, he served as Audit Manager at EMM Corporate Partners. Stephen ensures the firm maintains the highest standards of financial governance and regulatory compliance.

ComplianceAuditFinancial ReportingSEC-Certified

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Whether you are a business seeking growth capital, an institution looking for a trusted advisory partner, or an investor exploring Zambia's market — we would like to hear from you.

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